Michaels had 1,262 stores, as of May 3, and about $4.6 billion in sales in the year ended Feb. 1, 2014.

The company's offering of 27.8 million shares is expected to be priced at between $17 and $19 each, Michaels said in a filing with the U.S. Securities and Exchange Commission on Monday. (http://r.reuters.com/fym22w)

Michaels said it plans to use the proceeds from the offering to redeem $466 million of Holdco notes, issued in July 2013.

J.P. Morgan and Goldman Sachs & Co are the lead underwriters of the offering.

The company plans to list its stock on the Nasdaq under the symbol "MIK".